PenCom Deploys ECRS to Pave Way For Transfer Window
National Pension Commission (PenCom) said it has designed, developed and deployed an Enhanced Contributor Registration System (ECRS), an electronic platform for the submission of requests by Pension Fund Administrators (PFAs) for the registration of contributors and issuance of Personal Identification Numbers (PINs).
A statement from PenCom noted that the deployment of the ECRS is a major step towards the introduction of the transfer window, which will enable contributors change to the PFAs of their choice, in line with Section 13 of the Pension Reform Act (PRA) 2014, stressing that it has transited from the use of the existing Contributor Registration System (CRS) to the ECRS.
According to the pension industry regulator, the ECRS provides a more dynamic and friendly user Interface and fully addresses the issues identified with the CRS.
The ECRS, it said has also been integrated with the National Identity Management Commission (NIMC) for authentication of the uniqueness of individuals seeking to register under the Contributory Pension Scheme (CPS).
It maintained that the deployment of the ECRS will greatly enhance the integrity of contributors’ data and also provide a platform for the following: Registration of Micro Pension Plan Participants and Cross Border individuals (i.e. participants living abroad and foreigners living in Nigeria wishing to participate in the CPS); electronic submission of employer code requests by Pension Fund Administrators (PFAs) or employers and the full automation of the process of issuing employer codes and updates and edits of contributors’ information on the National Databank maintained by the National Pension Commission by the PFAs.
Accordingly, Contributors are advised to visit their PFAs to provide their National Identification Number (NIN) and other information that may be required by the PFAs, PenCom said.
The Commission assures all stakeholders that it will continue to come up with positive innovations and policies that will not only address the yearnings of the contributors but also enhance the regulation and supervision of the pension industry.
